Bloomberg reported that several Bitcoin businesses associated with Blockstream CEO Adam Back are facing a series of setbacks, including hacking incidents, legal disputes, and failed mergers. Bloomberg stated, "The listing attempt for BSTR Holdings, a $4 billion Bitcoin treasury company promoted by Back, has fallen through. BSTR had pursued a merger with a Special Purpose Acquisition Company (SPAC) linked to Cantor Fitzgerald, but the merger was called off after the existing terms were withdrawn. Cantor stated last August that BSTR must pay $15 million to the SPAC. Exacore, a partner of Blockstream Mining, which spun off from Blockstream approximately two years ago, has also faced multiple legal disputes. According to court records, Exacore has been sued by several companies over mining equipment purchase contracts, electricity bills, and construction costs. Recently, a security incident occurred on the Liquid Network, a Bitcoin-pegged blockchain launched by Blockstream in 2018, where approximately 4,000 BTC, worth about $320 million, were stolen. The attackers claimed it was a white-hat activity to expose security vulnerabilities and subsequently returned 3,400 BTC, but did not return BTC worth approximately $47 million."
